Word: vails
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...Needs Snow... Colorado's Vail Resorts isn't just a skiing destination. To convince you, the resort has devised all-inclusive family friendly three- and six-night vacations jam-packed with Western activities. The Epic Summer package takes you panning for gold, whitewater rafting, horseback riding on Beaver Creek Mountain, and on gondolas rides to summits and historical walking tours through the old Victorian mining town of Breckenridge. There's even a Wild West cowboy campfire dinner, complete with wagon rides and storytelling. The six-night package costs $1,195 for adults, or $895 for children ages 12 and under...
...have been bopped with a series of big storms. "East of the Mississippi, we're seeing [snow] levels at or above record levels," says Berry. New York and New England resorts have several advantages during a recession. First, they're cheaper than the higher-end destinations like Aspen and Vail in Colorado. Second, they're within driving distance of huge metropolitan areas such as New York City and Boston. Mount Snow in Vermont, for example, is a four-hour trip from New York City and a two-hour trek from Boston. Its "skier days" (number of people visiting the resort...
...East's gain is the West's loss. According to the Mountain Travel Research Program, through Jan. 31, occupancy was down 18% at the Western ski areas, while lodging rates dropped 8%. Vail Resorts, a public company that runs four ski areas in Colorado and one in California, reported a 5.8% drop in skier visits through early January and a 7.5% decline in lift-ticket revenue. The Aspen Skiing Company, which operates the Ajax Mountain, Highlands, Buttermilk and Snowmass ski areas, predicts skier visits will drop between 5% and 15% this year. (See the top 10 sports moments...
...first corporate honcho to choose Vail instead of a corporate showdown. Years ago, N.J. Nicholas Jr., then the co-CEO of Time Warner (TIME's parent company), was vacationing in Vail when he was summoned by the board. Nick was about to become the ex-co-CEO, having lost a power struggle to Gerald Levin, the man who would later sell the company to AOL. (That worked well, didn't it?) Nicholas declined. He knew the game was over. He got on the lift instead. (See pictures of TIME's Wall Street covers...
...course, there's always a chance that what is going on here is very different than it appears. Perhaps things weren't that bad when Thain decided to take off to Vail, and then Lewis got ahold of Merrill's books and decided to make them look worse than they actually were. Too dastardly, you say? Maybe, but Lewis could use the illusion of a bigger loss to get money from the government and at the same time get rid of Thain. What's more, if Lewis hangs on, the latest loss makes 2009 earnings look better than they otherwise...